Plain-English investing notes, one idea at a time — every number checked against a primary source.

Terms of use

The terms that apply when you use The Token Thesis: education only, no advice, no guarantees, how you may reuse our content and how the terms may change.

Education only — not advice, not an offer.

What is this site for?

The Token Thesis publishes general educational material about investing. It is not investment, legal, tax or accounting advice, and it is not an offer or a solicitation to buy or sell any security, fund, token or other product. Reading the site does not create any adviser or client relationship.

Can you rely on the content?

We work hard to be accurate and to link every figure to its source, but information can be incomplete or go out of date, and rules differ between countries. You use the content at your own risk. Before making a financial decision, check the original sources and consider advice from a licensed professional who knows your circumstances.

Can you reuse our notes?

You may quote short passages with a link to the original page. Please do not republish whole notes. Photographs on the site belong to their creators and are used under the open licenses shown beneath each photo; logos and trademarks belong to their owners.

We link to regulators, agencies and other primary sources so you can check our work. We are not responsible for their content, and a link is not an endorsement of any product.

Can these terms change?

Yes. If we change them, we will update this page. Continuing to use the site after a change means you accept the updated terms.